Hyatt Regency received unanimous votes from the Los Angeles City Council recently, for the redevelopment project, at the Hyatt Regency Century Plaza Hotel. The project will be based on 1.5 million square feet area, on the 6-acre site. The Council has certified the project’s Environmental Impact Report and also approved the development agreement for 15 years.
Hyatt Regency Century Plaza Hotel works in partnership with Woodridge Capital Partners and Oaktree Capital Management. The goal of this project is to create a pedestrian friendly, transport oriented and sustainable mixed-use project, which is expected to bring economic growth, increase jobs in Los Angeles and serve the entire community.
This up-coming project is going to feature 46 storey residential towers, a retail plaza of 100,000 square feet, some shops and restaurants, two acres of public open space decorated with fountains and courtyards. The arc facade will be restored and 394 rooms and suites will come up along with 63 luxury residences. Their construction is very soon going to begin in 2014 with the help of renowned designers and architects.
This project would be located in the middle of Avenue of the Stars and Constellation Boulevard at the centre of Century City. This new project includes the proposition of a Metro station meant for the future subway in the nearby area. The head of real estate, Oaktree Capital John Brady has recently commented that the total team of Oaktree is proud to be involved in, an internationally significant development. The owners are very confident that the project is expected to generate more tax and sales revenue to the city. Permanent jobs are also expected to increase with the increment of 3500 constructions.
Hyatt Hotels Corporation began its operations in 1957. It appeared as an American International company and an operator of hotels. Hyatt opened its first overseas hotel in Hong Kong, China in 1969. However, it ended in 2005, but again reappeared in 2009 in a new form. Today Hyatt proudly owns over 490 hotels all over the world. Jay Pritzker’s younger brother Donald Pritzker handled the daily operations for more than a decade. Jay took the responsibility of leadership and deal makings. Both of the brother’s efforts helped in deriving acquisitions and financial strategy.
Pritzker family were the sole owners of all the hospitality assets. But in 2004, all their assets including Hyatt Corporation and Hyatt International Corporation were merged together under a single entity of Global Hyatt Corporation. They started putting all their transactions under one balance sheet. A single organization helps in concentrating focus at one point. Quickly after the merging, in 2009, they changed the name to Hyatt Hotels Corporation.
Out of its several brands, Hyatt’s luxury brand is Park Hyatt that has hotels of mid-sized properties. These properties are located mainly in premier destinations. Andaz hotels cater to the best of their locale. They have the upscale and boutique inspired lifestyle properties. Grand Hyatt hotels, is another brand of Hyatt, who provide upscale accommodations in major cities. The hotels are large-scale hotels. However, Hyatt Regency Hotels are aimed at business travellers and leisure travellers equally. These hotels are located in the suburban areas, near airport and resort destinations.